SoFi Technologies (NASDAQ:SOFI) Stock Price Up 3.4% After Analyst Upgrade

Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) shot up 3.4% during mid-day trading on Monday after Truist Financial raised their price target on the stock from $23.00 to $29.00. Truist Financial currently has a hold rating on the stock. SoFi Technologies traded as high as $30.20 and last traded at $30.00. 79,286,602 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 62,481,332 shares. The stock had previously closed at $29.01.

Several other analysts also recently issued reports on the company. Barclays upped their price objective on SoFi Technologies from $18.00 to $21.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Morgan Stanley upped their target price on shares of SoFi Technologies from $13.00 to $18.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Keefe, Bruyette & Woods upped their target price on shares of SoFi Technologies from $14.00 to $18.00 and gave the company an “underperform” rating in a report on Wednesday, October 15th. TD Cowen began coverage on shares of SoFi Technologies in a report on Friday, July 11th. They issued a “hold” rating and a $21.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of SoFi Technologies from $24.00 to $26.00 and gave the company a “neutral” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.18.

Insider Activity

In other news, CTO Jeremy Rishel sold 98,733 shares of the stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $27.50, for a total transaction of $2,715,157.50. Following the transaction, the chief technology officer directly owned 759,553 shares in the company, valued at $20,887,707.50. This represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kelli Keough sold 10,578 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $22.13, for a total transaction of $234,091.14. Following the transaction, the executive vice president owned 234,622 shares in the company, valued at approximately $5,192,184.86. The trade was a 4.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 129,383 shares of company stock worth $3,513,171 over the last quarter. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoFi Technologies

Large investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of SoFi Technologies in the 2nd quarter worth $164,068,000. Quadrature Capital Ltd purchased a new position in shares of SoFi Technologies in the 2nd quarter worth $115,188,000. Nuveen LLC purchased a new position in shares of SoFi Technologies in the 1st quarter worth about $47,616,000. Marshall Wace LLP raised its holdings in shares of SoFi Technologies by 88.2% in the 2nd quarter. Marshall Wace LLP now owns 7,997,146 shares of the company’s stock worth $145,628,000 after purchasing an additional 3,748,817 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of SoFi Technologies by 87.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,361,809 shares of the company’s stock worth $168,079,000 after purchasing an additional 2,961,849 shares during the period. Hedge funds and other institutional investors own 38.43% of the company’s stock.

SoFi Technologies Trading Up 3.4%

The business has a fifty day moving average price of $26.74 and a 200 day moving average price of $20.05. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.14 and a current ratio of 0.80. The company has a market capitalization of $35.92 billion, a PE ratio of 62.50, a P/E/G ratio of 3.42 and a beta of 1.92.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.44%. The firm had revenue of $519.37 million for the quarter, compared to analyst estimates of $801.94 million. During the same quarter last year, the firm posted $0.01 earnings per share. SoFi Technologies’s revenue for the quarter was up 42.8% compared to the same quarter last year. Analysts expect that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

About SoFi Technologies

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.